RES 2006-21TOWN OF TROPHY CLUB, TEXAS
RESOLUTION NO. 2006 -21
A RESOLUTION OF 'THE TOWN COUNCIL OF THE TOWN OF
TROPHY CLUB, 'TEXAS ADOPTING THE ICMA RC DEFERRED
CONIPENSATION PLAN, APPROVING EMPLOYEE
PARTICIPATION INTO A 457 DEFERRED COMPENSATION
PLAN; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Town Council of the Town of Trophy CIIJ~, has
employees rendering valuable service; and
WHEREAS, the establishment of a deferred compensation plan for such
employees serves the interests of ,the En-lployer by enabling it to provide
reasonable retirement security for its eniployees, by providing increased flexibility
in its personnel managenlent system, and by assisting in the attraction and
retention of competent personnel; and
WHEREAS, the Town Council has determined that the establishment of a
deferred compensation plan to be administered by the ICMA Retirement
Corporation serves the above objectives; and
WHEREAS, the Town Council desires lhat its deferred compensation plan
be administered by the ICMA Retirement Corporation, and that some or all of the
funds held under such plan be invested in the Vantage Trust company, a trust
established by public employers for the collective investment of funds held under
their retirement and deferred compensation plans.
NOW, THEREFORE, BE IT RESOLVED BY 'THE TOWN COUNCIL OF
THE TOWN OF TROPHY CLUB, TEXAS:
Section 1. That tlie Town Council adopts the deferred compensation
plan (the "Plan") in the form the ICMA Retirement Deferred Corporation Plan and
Trust.
Section 2. That the Town Council hereby executes the Declaration of
Trust of the Vantage Trust Company, intending this exec~~tion to be operative
with respect to any retirement of deferred compensation plan subsequer~tly
established by the Employer, if the assets of the plan are to be invested in the
Vantage Trust Company.
Section 3. That the assets of the Plan shall be held in trust, with the
Employer serving as trustee, for the exclusive benefit of the Plan participants and
their beneficiaries, and the assets shall not be diverted to any other purpose.
Section 4. That the Plan will not permit loans and will not offer a
Sidecar IRA program.
Section 5. That the Town hereby agrees to serve as trustee under the
Plan.
Section 6. That the Human Resource Manager shall be the coordinator
for this program; shall receive necessary reports, notices, etc. from the ICMA
Retirement Corporation or the Vantage Trust Company; shall cast, on behalf of
the Employer, any required votes under the Vantage Trust Company;
Administrative duties to carry out the plan may be assigned to the appropriate
departments, and is authorized to execute all necessary agreements with ICMA
Retirement Corporation incidental to the administration of authorized to execute
all necessary agreements with ICMA Retirement Corporation incidental to the
administration of the Plan.
Section 7. That this Resolution shall become effective from and after its
date of passage in accordance with law.
PASSED AND APPROVED by the Town Council of the Town of Trophy
Club, Texas on this the 16'h day of October, 2006.
Mayor
Town of Trophy Club, Texas
Town Secretary
Town of Trophy Club, Texas
[SEAL]
APPROVED AS TO FORM:
Town Attorney,
Town of Trophy Club, Texas